Cord blood banking is a technique that entails retrieving umbilical cord blood stem cells and using them at a later stage to re-populate blood and cure various medical conditions. The current state of the global cord blood banking market is particularly interesting given the interest that it is garnering from the medical fraternity. The potential for cord blood banking services looks promising based on numerous factors. Several studies have evidenced the medical possibilities that can be explored via the use of umbilical cord blood as it is rich in human stem cells. Thus far, stem cells have been used successfully in treating diseases such as diabetes, cardiac disorders, anemia, thalassemia, anemia, diabetes, leukemia, and cardiac disorders. This makes the umbilical cord blood banking services market a crucial one for the healthcare sector around the world.
Interpret a Competitive Outlook Analysis Report with PDF Brochure: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=1741
Public Cord Blood Banking Services to Enjoy Greater Advantage
Overall, the global cord blood banking market was estimated at US$12.4 billion as of 2012, and will likely expand at a 5.6% CAGR between 2013 and 2019 to stand at US$15.23 billion by 2019.Public and private cord blood banking services are the two major categories that form the larger market. The difference between the two is this: Private cord blood banks carry stem cells and cord blood donated by a person and intended for use by another person from the same family; public blood banks store cord blood from a donor and can supply it to any user provided it is biologically compatible. Private blood banks enjoy a higher degree of popularity through the world, according to market research experts. However, when compared on the basis of units of blood contained in a cord blood bank, it is the public banks that emerge as the leader. This occurs because they enjoy a more centralized channel of procurement, storage, and distribution of cord blood.
Moreover, a single unit of cord blood available in private blood banks may prove insufficient in effectively treating a patient. But public cord blood banks, on the other hand, have a larger collection of units, thus enabling patients to receive the desired amount of cord blood.
North America Has Highest Share in Cord Blood Banking Services Market; Prospering Medical Tourism in APAC Could Tilt Dynamics
Cord blood banking has gained widespread acceptance in the North America region making it the leader in the global cord blood banking services market. Europe follows closely behind North America, with Asia Pacific occupying the third place.
In North America, the unswerving government support for the cord blood banking industry has boosted growth to a great extent. Here, the deployment of a hybrid model that helps close the attrition that otherwise exists between public and private cord blood banks drives market growth.
Lucrative opportunities are to be found in the Asia Pacific market over the next few years, especially in India and China where the concept of cord blood banking is steadily gaining acceptance. In the UAE, France and Italy, the cord blood banking services market will see the dominance of public banks because of a ban on private banks (with a view to creating an appreciable inventory of cord blood).
Cord Blood Banking Services Market Sees Heightened Consumer Awareness, Which Will Also Drive Growth
The drivers for the global cord blood banking market are many. For one, the technological advancement being reported from several medical R&D establishments has now made cord blood storage and use more accessible and affordable to donors and recipients, respectively. Despite prices having come down in recent years, the average consumer still finds cord blood expensive – a factor that companies in the market need to weigh in. The paperwork and regulatory compliance associated with cord blood banking is yet another deterrent for the consumer.
On a positive note, numerous awareness and marketing campaigns commissioned by medical establishments and cord blood banks have helped achieve higher demand. This ultimately reflects positively on the revenues of the cord blood banking services market. Cord blood storage technologies have improved drastically year on year. With better storage systems, it is possible to now possible to preserve cord blood for several years at large.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
Transparency Market Research
90 State Street, Suite 700
Albany, NY 12207
USA – Canada Toll Free: 866-552-3453